This paper reviews the literature on financial crises focusing on three specific aspects. First,
what are the main factors explaining financial crises? Since many theories on the sources of …

Safe assets play a critical role in an (y) economy. A safe asset is an asset that is (almost
always) valued at face value without expensive and prolonged analysis. By design, there is …

This article provides a comprehensive history of anchor or reference currencies, exchange
rate arrangements, and a new measure of foreign exchange restrictions for 194 countries …

This paper examines the overall economic growth effect when the growth in finance and real
sector is disproportionate relying on panel data for 29 sub-Saharan African countries over …

There is a global financial cycle in capital flows, asset prices and in credit growth. This cycle
co moves with the VIX, a measure of uncertainty and risk aversion of the markets. Asset …

This paper employs an updated algorithm and database for classifying exchange rate and
anchor currency choice, to explore the evolution of the global exchange rate system …

It is high time we rediscovered the role of the financial cycle in macroeconomics. In the
environment that has prevailed for at least three decades now, it is not possible to …

This paper analyzes waves in international capital flows. We develop a new methodology for
identifying episodes of extreme capital flow movements using data that differentiates activity …

Using data on 14 advanced countries between 1870 and 2008 we document two key facts of
the modern business cycle: relative to typical recessions, financial crisis recessions are …

The financial crisis has refocused attention on money and credit fluctuations, financial crises,
and policy responses. We study the behavior of money, credit, and macroeconomic …